Codexis, Inc. (NASDAQ:CDXS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $6.25 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.61% from the company’s previous close.

According to Zacks, “Codexis, Inc. is a leading protein engineering company that applies its technology to the development of biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals. Codexis’ proven technology enables implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable manufacturing. “

Several other equities research analysts have also issued reports on the stock. Jefferies Group LLC began coverage on shares of Codexis in a research note on Wednesday, May 31st. They issued a “buy” rating and a $8.00 price target on the stock. HC Wainwright set a $8.00 price target on shares of Codexis and gave the company a “buy” rating in a research note on Thursday, May 11th. ValuEngine raised shares of Codexis from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, BidaskClub raised shares of Codexis from a “hold” rating to a “buy” rating in a research note on Sunday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $6.80.

Shares of Codexis (CDXS) remained flat at $5.55 on Wednesday. The company’s stock had a trading volume of 56,380 shares. Codexis has a 1-year low of $3.60 and a 1-year high of $5.65. The firm’s market capitalization is $267.34 million. The stock has a 50-day moving average of $4.97 and a 200 day moving average of $4.65.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.15) by $0.03. The company had revenue of $7.97 million for the quarter, compared to analyst estimates of $9.23 million. Codexis had a negative return on equity of 49.35% and a negative net margin of 18.53%. Codexis’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.11) earnings per share. On average, equities research analysts forecast that Codexis will post ($0.28) earnings per share for the current year.

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Several hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its stake in Codexis by 7,242.9% in the first quarter. Tower Research Capital LLC TRC now owns 22,249 shares of the biotechnology company’s stock valued at $107,000 after buying an additional 21,946 shares during the period. Bank of America Corp DE increased its stake in Codexis by 2.9% in the first quarter. Bank of America Corp DE now owns 25,477 shares of the biotechnology company’s stock valued at $122,000 after buying an additional 717 shares during the period. Geode Capital Management LLC increased its stake in Codexis by 4.2% in the first quarter. Geode Capital Management LLC now owns 226,644 shares of the biotechnology company’s stock valued at $1,087,000 after buying an additional 9,191 shares during the period. TIAA CREF Investment Management LLC increased its stake in Codexis by 1.1% in the first quarter. TIAA CREF Investment Management LLC now owns 102,294 shares of the biotechnology company’s stock valued at $491,000 after buying an additional 1,099 shares during the period. Finally, William Blair Investment Management LLC increased its stake in Codexis by 40.2% in the first quarter. William Blair Investment Management LLC now owns 986,839 shares of the biotechnology company’s stock valued at $4,737,000 after buying an additional 282,909 shares during the period. Institutional investors and hedge funds own 51.11% of the company’s stock.

Codexis Company Profile

Codexis, Inc is a developer of biocatalysts for the pharmaceutical and fine chemicals markets. The Company’s CodeEvolver protein engineering technology platform, which introduces genetic mutations into genes in order to give rise to changes in the enzymes that they produce, overcomes many of the limitations, allowing customers to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale.

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